LinQ Resources Fund faces a challenge to its friendly takeover bid from Singapore-based IMC Resources Holdings, with the WA Fire and Emergency Services Superannuation Board applying to the Takeovers Panel to stop LinQ directors from accepting the offer.
The applicants allege that LinQ Capital, the responsible entity for LinQ Resources Fund, had sought to deliver control of the fund to IMC through a substantial LRF asset in the form of Treasury units, "without recourse to the view or participation of the other unit holders".
The ASX-listed investment manager has previously stated its intention to accept the offer from IMC, which holds a 17.5 per cent stake in the fund, in the wake of a unanimous vote of approval from the company's board of directors.
The panel declined to endorse interim orders sought by the WA Fire and Emergency Services Super Board to have LinQ directors prohibited from selling the units and has not yet decided whether to conduct proceedings on the matter.
Shares in LRF, which announced its intent to delist from the ASX in August prior to the IMC takeover, were trading at 68 cents at close of trade today.